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NSCC's got a "rule for throwing out rules". So we're going to throw out their rule, for throwing out rules. You in? ๐
NSCC's Rule 22 lets officials change/ignore rules at will and skip actions like closing failing trades (e.g., GME) if it might "disrupt the market". These changes donโt need full public disclosure and can last up to 60 days without extra approval. Awful, right? Send your petition!
PETITION TO ENFORCE RULES! NOT WAIVERS!
Ever felt cheated in the Wall St casino? You probably were. We've been robbed and the rules of Wall St's casino allows them to. The National Securities Clearing Corporation (NSCC), which clears and settles stock trades, has a Rule for throwing out rules [NSCC Rules]. The
SEC Commissioner Mark T. Uyeda from his statement on Form N-PORT and From N-CEN reporting: "I reject the premise that frequent public disclosure of consistent information made available for all funds is a โpublic good.โ"
Just as SEC Commissioner Hester Peirce, SEC Commissioner Mark Uyeda dissents against the SEC's Form N-PORT and Form N-CEN reporting amendments.
Uyeda has criticized the SECโs decision to increase the frequency of public disclosure of fund portfolio data, arguing that the move could harm fund investors and